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What information is needed for a Machinery Breakdown Insurance quote?
AI Doc Summarizer Doc Summary

The information required for Machinery Breakdown Insurance depends on the size and complexity of the equipment exposure.

What equipment information may be required? #

This can include:

  • Type of machinery.
  • Make and model.
  • Age.
  • Replacement value.
  • Location.
  • Power or capacity.
  • Number of units.
  • Whether equipment is owned or leased.

For larger risks, an equipment schedule may be required.

What maintenance information can insurers request? #

Insurers may ask about:

  • Preventative maintenance.
  • Service contracts.
  • Inspection frequency.
  • Manufacturer servicing.
  • Previous breakdowns.
  • Major repairs or upgrades.

What about refrigeration equipment? #

Businesses with refrigeration may also need to provide:

  • Refrigeration values.
  • Type of system.
  • Age.
  • Maximum stock exposed.
  • Temperature monitoring.
  • Alarm systems.

Deterioration of Stock cover may need to be separately selected.

What Business Interruption information might be needed? #

For critical machinery, consider:

  • Replacement lead time.
  • Repair time.
  • Alternative machinery.
  • Production capacity.
  • Financial impact of downtime.
  • Availability of temporary equipment.

Why are accurate values important? #

Replacement costs can differ significantly from accounting values.

Consider the actual cost to:

  • Purchase replacement machinery.
  • Transport it.
  • Install it.
  • Commission it.

Specialist or imported machinery may also have substantial freight and installation costs.

General Advice Warning: The information on this page is general in nature and does not take your personal circumstances into account. You should consider whether it is appropriate for you and seek professional advice before making any decisions. For tailored advice, please contact Webber Insurance Services.